India-headquartered fragrance and flavour manufacturer Sacheerome is planning to invest over $5 million to set up a research unit in Dubai, the company said on Tuesday. With an eye on strengthening its business in the burgeoning UAE market, the company aims to drive 10X revenue growth over the next 36-60 months, Sacheerome said in a statement.
The Middle East is a confluence of cultures from across the world, and the business is remarkably fluid. Earlier London, Rome & Paris were the luxury market trendsetters but today, Dubai is as big a fashion & lifestyle powerhouse, said Manoj Arora, Managing Director of Sacheerome, at the BeautyWorld Middle East 2023 in Dubai, where they are exhibiting. Currently, UAE’s FMCG industry generates USD 50 million worth revenue using Sacheerome’s line of products manufactured in India and the Gulf.
“Sacheerome plans to invest over $5 mn to set up a Research & Innovation centre, application lab, evaluation centre, sales office, and a warehouse in the UAE over the next 3-5 years,” the statement said. Comparing the Middle East and Indian consumer’s choices, Arora said: While India is a huge price-sensitive market, Middle East shoppers, with their strong purchasing power, are willing to spend more on high-quality niche products.
According to an Expert Market Research report, the Middle East and Africa (MEA) flavours and fragrances industry reached a value of about $2.92 billion in 2023 and is further expected to hit approximately $4.16 billion by 2032.
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